DuPont's Q1 net income more than doubles to $1.14bn

27 April 2010 11:44  [Source: ICIS news]

DuPont doubles profitLONDON (ICIS news)--DuPont's first-quarter 2010 net income soared to $1.14bn (€855m), more than doubling the $489m recorded in the same period last year, as its businesses continued to recover from the global recession, the US chemical giant said on Tuesday.

Sales for the three months ended 31 March increased by 23% year on year to $8.48bn, as volumes increased.

The group also cited higher selling prices, lower raw material costs and benefits gained through currency as reasons for the improved results.

“Our intense focus on customers, sustained R&D [research and development] investments and productivity improvements are delivering growth,” said DuPont CEO Ellen Kullman.

“Macro trends drove first-quarter demand for our science-based innovations, and DuPont was ready. The actions taken last year are benefiting the company as we emerge stronger in 2010,” Kullman added.

Looking forward, DuPont expected stronger sales growth and improved pre-tax operating margins as global economic improvements continued, with particularly strong demand in Asia Pacific.

($1 = €0.75)

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